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Crypto exchange Gemini’s co-founders, Cameron and Tyler Winklevoss, have donated $1 million each in bitcoin to Donald Trump’s presidential campaign. Tyler criticized the Biden administration for allegedly weaponizing government agencies, as well as the U.S. Securities and Exchange Commission (SEC), against the crypto industry. Cameron echoed these sentiments, declaring Trump as the pro-bitcoin, pro-crypto, and pro-business choice, believing he will end Biden’s detrimental policies toward crypto.
The co-founders of cryptocurrency exchange Gemini, Cameron and Tyler Winklevoss, revealed on social media platform X on Thursday that they have donated $1 million each to former U.S. President and presidential candidate Donald Trump.
“I just donated $1 million in bitcoin (15.47 BTC) to Donald Trump and will be voting for him in November,” Tyler Winklevoss wrote. Cameron Winklevoss similarly shared:
I also just donated $1 million in bitcoin (15.47 BTC) to Donald Trump and will be voting for him in November … And he will put an end to the Biden administration’s war on crypto. Onward!
Tyler Winklevoss explained why he supports Trump, criticizing the Biden administration’s stance on cryptocurrency. He accused the administration of using government agencies to harass and litigate against crypto entities, describing these actions as politically motivated and detrimental to innovation and the economy. Winklevoss highlighted “Operation Choke Point 2.0,” where agencies like the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) allegedly pressure banks to avoid crypto companies under threat of severe regulatory consequences. He called this the “weaponization of the banking system against crypto companies and their principals.”
Moreover, he described the “weaponization of the Securities and Exchange Commission (SEC) against crypto” as another reason he is donating to Trump. He criticized the securities regulator for not creating new rules for crypto, instead using outdated regulations to justify widespread litigation against crypto projects, thereby stifling the industry. He wrote:
The Biden administration’s SEC has not written a single rule for the crypto industry to help any of its participants understand how to navigate the regulatory landscape for this new asset paradigm. This is by design.
He further claimed that these actions are aimed at maintaining political control at the expense of economic freedom and innovation. Cameron provided a succinct clarification: “Here’s the TL;DR — President Trump is pro-bitcoin, pro-crypto, and pro-business.” In addition, Gemini announced Thursday: “We now facilitate crypto contributions for pro-crypto candidates.”
However, Bloomberg reported Friday afternoon that the Winklevoss twins’ bitcoin donations to Donald Trump’s presidential campaign were refunded because they exceeded the maximum amount allowed under federal law.
Trump recently made several promises to foster crypto innovation. “I will also stop Joe Biden’s crusade to crush crypto,” he promised. “I will support the right to self-custody.” He will also “commute the sentence of Ross Ulbricht to a sentence of time served.” Moreover, Trump stressed, “I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.” His presidential campaign recently began accepting crypto donations.
